IL HB5445

Amends the Property Tax Code to subject certain deeds and trust documents that release property securing debt or mortgages to the real estate transfer tax beginning on the bill's effective date through June 30, 2016.

Requires that beginning July 1, 2012, proceeds from the transfer tax on foreclosure-related deeds be deposited into three funds: 50% to the Abandoned Residential Property Municipality Relief Fund, 35% to the Open Space Lands Acquisition and Development Fund, and 15% to the Natural Areas Acquisition Fund.

Exempts deeds issued to mortgage holders in foreclosure proceedings from transfer tax until the bill's effective date and again beginning July 1, 2016, with limited exceptions for small mortgage lenders meeting specific criteria (originated the mortgage, originated fewer than 10,000 loans in 2007, and had less than $5,000,000 in assets).

Takes effect immediately upon becoming law.